SEC halts ICO that purports to be regulated by a ‘Blockchain Exchange Commission’

October 12, 2018 By Editor By Editor

The Securities and Exchange Commission said it has obtained an emergency court order halting a planned initial coin offering, which backers falsely claimed was approved by the SEC.

The order also halts ongoing pre-ICO sales by the company, Blockvest LLC and its founder, Reginald Buddy Ringgold, III. Not only did the company use the SEC seal without permission, the complaint also alleges Ringgold promoted the ICO with a fake agency called the Blockchain Exchange Commission.

The Blockchain Exchange Commission — originally formed as Fartlife in Jan. 2015 before changing its name to Smartlife in 2017 and then changing to its current name in May 2018 — is a private company and not a regulator.

Ringgold is scheduled to appear at “VCs, Angels, Crypto and ICOs” events in Los Angeles on Oct. 9 and in Orange County on Oct. 11.